Palomar Holdings, Inc. $PLMR Shares Sold by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Palomar Holdings, Inc. by 66.3% in the first quarter, leaving them with 10,513 shares valued at approximately $1.44 million.
• Other institutional investors, like Northern Trust Corp and Deutsche Bank AG, have increased their holdings in Palomar, showcasing strong institutional interest in the stock.
• Palomar reported $1.76 earnings per share for the last quarter, exceeding analyst expectations of $1.68, with a significant revenue increase of 47.6% year-over-year.

Cubist Systematic Strategies LLC lowered its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 66.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,513 shares of the company's stock after selling 20,685 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Palomar were worth $1,441,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. KBC Group NV raised its stake in Palomar by 9.1% in the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after purchasing an additional 95 shares during the last quarter. Hohimer Wealth Management LLC raised its stake in Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after purchasing an additional 99 shares during the last quarter. Evergreen Capital Management LLC raised its stake in Palomar by 5.8% in the 1st quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock valued at $305,000 after purchasing an additional 122 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Palomar by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after purchasing an additional 190 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after purchasing an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Price Performance

Palomar stock traded down $2.06 during midday trading on Friday, hitting $116.84. 303,323 shares of the company were exchanged, compared to its average volume of 261,615. The company's fifty day moving average price is $128.16 and its 200-day moving average price is $141.10. The company has a market cap of $3.13 billion, a PE ratio of 20.53 and a beta of 0.34. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.68 by $0.08. The firm had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.Palomar's revenue for the quarter was up 47.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 EPS. On average, analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Evercore ISI boosted their target price on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Piper Sandler lowered their price target on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Keefe, Bruyette & Woods lowered their price target on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday, August 8th. JPMorgan Chase & Co. lowered their price target on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Finally, Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $165.83.

Insider Activity

In other Palomar news, Director Richard H. Taketa bought 500 shares of the business's stock in a transaction on Monday, August 18th. The shares were bought at an average cost of $121.14 per share, with a total value of $60,570.00. Following the transaction, the director directly owned 44,226 shares in the company, valued at approximately $5,357,537.64. This trade represents a 1.14% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 782 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $93,941.66. Following the completion of the transaction, the chief financial officer directly owned 7,668 shares in the company, valued at approximately $921,156.84. The trade was a 9.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,878 shares of company stock worth $3,202,297 in the last ninety days. 3.70% of the stock is currently owned by company insiders.

About Palomar

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.